On Wednesday, Laidlaw raised the price target for Affimed (NASDAQ:AFMD) Therapeutics (NASDAQ:AFMD) to $25 from the previous $15, while maintaining a Buy rating on the stock. This adjustment follows the announcement of promising clinical trial results for Affimed's cancer treatment, Acimtamig, in a Phase II study.
The study, named LuminICE-203, reported on the efficacy of Acimtamig in treating relapsed/refractory CD30+ classical Hodgkin lymphoma (cHL). Out of seven patients in the first two cohorts of the trial, an overall response rate (ORR) of approximately 86% was observed, with a complete response (CR) rate of 57%. These results are slightly lower than a previous study conducted by MD Anderson, which showed a 97% ORR and 78% CR in treated patients.
Patients in the LuminICE-203 study had fewer prior treatments compared to those in the MD Anderson study, averaging around four. Despite this, the efficacy data from today's update is considered very similar to the MD Anderson results. The study also highlighted an event-free survival (EFS) of 9.8 months and a median duration of response (DOR) of 8.8 months.
On the safety front, the majority of patients experienced mild infusion-related reactions which were quickly resolved. One patient had a more severe reaction, alongside an acute CMV infection, but there were no cases of bleeding, ICANS, GvHD, or treatment discontinuations reported.
Affimed plans to provide another update in the third quarter of 2024 on the remaining five patients from the first two cohorts. The company has also begun enrolling patients for the third and fourth cohorts of the study, which will start with a higher dose of NK cells, potentially leading to greater efficacy.
The firm also addressed a higher-than-expected dropout rate during the screening phase and is working to mitigate this by adding more study sites. Some patients have already started a second treatment cycle, and upcoming updates are expected to shed more light on the effects of multiple treatment cycles.
The announcement has sparked optimism for the future of Affimed's cancer treatment, particularly as it returns to a promising path in clinical development and moves toward potential commercialization. The clinical data for Acimtamig is also anticipated to be presented at the upcoming American Society of Hematology (ASH) meeting.
In other recent news, Affimed N.V., a clinical-stage immuno-oncology company, has been granted Fast Track designation by the U.S. Food and Drug Administration for its novel lung cancer treatment, which combines AFM24 with atezolizumab. This regulatory milestone comes after the review of promising initial efficacy data from the ongoing AFM24-102 phase 1/2a study. The Fast Track designation allows for more frequent communication with the FDA and the possibility of a Rolling Review.
In addition to this, Stifel has raised its price target for Affimed to $5.00 from the previous $1.00 while maintaining a Hold rating on the stock. This adjustment follows updates provided by Affimed on its ongoing clinical programs, which include the AFM24 study targeting non-small cell lung cancer (NSCLC).
Furthermore, Affimed has reported progress in its clinical trials and financial stability during its Fourth Quarter and Full Year 2023 Earnings and Corporate Update Call. Despite a decrease in total revenue from the previous year, the company ended 2023 with a strong cash position and expects its liquidity to fund operations well into the second half of 2025. Affimed's CEO, Andreas Harstrick, expressed confidence in delivering meaningful data in 2024. These are among the recent developments for the company.
InvestingPro Insights
In light of Laidlaw's updated price target and the promising clinical trial results for Affimed Therapeutics' Acimtamig, it's important to consider the financial health and market performance of the company. According to InvestingPro data, Affimed currently holds a market capitalization of approximately $103.06 million. Despite a challenging revenue growth rate, with a significant decline of 67.39% over the last twelve months as of Q4 2023, the company has demonstrated strong short-term performance, with a price total return of 87.0% over the last six months.
InvestingPro Tips suggest that while Affimed is quickly burning through cash and analysts anticipate a sales decline in the current year, the company's stock price movements have been quite volatile, with notable returns over the last month and quarter. Additionally, while the company is not expected to be profitable this year, its liquid assets exceed short-term obligations, which could offer some financial stability in the near term.
For investors looking to delve deeper into Affimed's financials and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/AFMD. These insights can provide a more comprehensive understanding of the company's position and potential. Investors interested in accessing these tips can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking valuable information that could inform investment decisions.
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